Its starting to look bearish again on global stock markets....

Its starting to look bearish again on global stock markets. Increasingly bearish weekly momentum is yet to be confirmed - but its close.

Below is a weekly chart of the ASX 200.

A lot of technical damage has been done on the weekly ASX 200. Enough to make you want to close longs and consider opening up shorts on any rally. Probably move lower over the next several weeks - although could first retest the 5915 - 5955 S/R area. Weekly momentum is about to turn INCREASINGLY BEARISH and its perhaps its the start of BEAR MARKET we should have had last year.  IMHO.

The MACD histogram continues to move lower for the 4th week confirming bullish exhaustion. Appears likely to form a bearish DC next week. The Stochastic formed a bearish lower-high within the bullish continuation region (80 - 100), and appears likely to DC the 80.0 line during the next couple weeks - confirming the start of INCREASINGLY BEARISH weekly momentum conditions.